Deutsche Hypo has led the €64 million financing of an office development project in its home city of Hannover.
The bank has partnered with local savings bank Sparkasse Hannover to provide the loan to German real estate developer Kölbl Kruse Group. The facility will fund the construction of the 28,000 square meter Lister Triangle scheme close to the city’s main railway station.
Deutsche Hypo has provided €44 million of the financing, with Sparkasse Hannover providing €20 million.
The Lister Triangle scheme has been pre-let to German railway company Deutsche Bahn. The building is being developed on an island site formerly occupied by the central bus station. The plans have been designed by Berlin-based architecture firm Hascher Jehle Planen und Beraten. The construction of the nine-storey office building will be completed in 2018.
“Thanks to good growth prospects Hannover has become an interesting destination for domestic and foreign investors,” said Andreas Pohl, CEO of Deutsche Hypo.
“The building complex with modern offices for 1,100 employees is a significant commitment to the Hannover business location. The office building in our immediate neighbourhood is also a good example of a successful urban development policy,” added Marina Barth, member of the board at Sparkasse Hannover, responsible for the SME business.